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EMERGING MARKETS
  • The USDMXN trend direction remains down and recent gains have proved to be corrective. Resistance has been defined at 20.3270, the May 4 high.
    • A recent break of trendline support drawn off the Jan 21 low and a move through the Mar 18 low of 20.2829, a former key support, highlights a bearish theme.
    • Furthermore, support at 19.8924, Feb 15 low was breached on Apr 15.
    • This suggests scope for weakness towards 19.5494, Jan 21 low.
  • USDBRL outlook remains bearish as the pair extends the current bearish cycle. A recent break of trendline support drawn off the Dec 14, 2020 low and a bearish triangle breakout on Apr 19 highlights a bearish theme. The pair has also cleared 5.3406, 61.8% of the Dec - Mar rally and is testing the 76.4% level at 5.2145. A break would open 5.1210, the Jan 4 low.
    • A firm near-term resistance is at 5.4837, May 4 high.
  • USDCLP short-term outlook remains bearish. The pair traded lower last week and price has started this week on a softer note. Support at 693.00, the Jan 6 low has been breached. This confirms a resumption of broader downtrend and signals scope for weakness towards 686.05, 1.618 projection of the Oct 15 - Nov 9 - Nov 24 price swing.
    • 715.36, Apr 23 high is key resistance. A breach would alter the picture.
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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